Venue

Thursday, November 3, 2011

THE NEXT GENERATION OF LOYALTY AND REWARDS

Alex Gershman, SVP, Product Development, EDO INTERACTIVE

Requiring customers to make up the difference in Durbin-driven lost fee income will, at the very least alienate, and, at worst anger them to the point that they will find another, more customer-friendly, solution. The winners will be those issuers who use this rule change as an opportunity to increase loyalty programs by adding value to their services. Many issuers already are taking this approach and enhancing their traditional loyalty programs with targeted merchant offers for credit, debit and general purpose debit cards. These issuers have discovered that in their data banks resides the potential to not only significantly increase loyalty but also to add revenue in the process. To achieve this potential, however, requires issuers to shift their worldview. In addition to their roles as financial service providers, they must begin to see themselves more as marketing partners to merchants and consumers. By leveraging data to connect consumers to merchant/advertiser sponsored deals and incentives, and by leveraging emerging technology (namely mobile) banks can immediately and measurably boost customer loyalty while also boosting revenue. In this session, we will look at this emerging marketing channel, and discuss key opportunities for banks and others in the service delivery value chain.